American Realty Advisors Acquires Horizon Town Center in Clark County, Nevada.

GLENDALE, Calif. -- American Realty Advisors announced today the acquisition of Horizon Town Center, a new 105,134 square foot neighborhood shopping center centrally located at the heavily trafficked corner of Boulder Highway and Horizon Drive in Henderson, Nevada. Anchored by Food 4 Less and shadow anchored by Lowe's Home Improvement Stores, the property consists of 11 buildings and an adjacent parking lot and enjoys a quality roster of high-profile tenants that includes Big 5, Anna's Linens, Washington Mutual, and IHOP. With Phase I completed in the first quarter of 2004, Horizon has emerged as the newest of the six anchored retail centers within the trade area. American intends to execute the development of Phase II, which proposes to add an additional 44,711 square feet of retail space, designed to promote local job creation.

Horizon Town Center is situated in the southeastern portion of the Las Vegas MSA, in a rapidly growing trade area. Affordable housing, abundant employment opportunities, and the luxury of no state or income taxes, have contributed to Nevada's rapid population growth. Extensive residential development plans are underway within a three-mile radius of the shopping center, which are expected to increase retailer exposure. Additionally, the shopping center should benefit from the lack of national retailers in the neighboring Boulder City to the south.

Stanley Iezman, American's President and Chief Executive Officer, commented, "We are pleased to announce the acquisition of Horizon Town Center, a prime investment in one of the fastest growing states in the nation. We anticipate that retailers will directly benefit from Henderson's expected population growth, which is expected to culminate in solid gains for our investors over the duration of our holding period."

American Realty Advisors is a leading provider of institutional real estate investment management services including acquisition, disposition, development, structured finance, and active asset management. With $2.3 billion in assets under management, American has created customized investment strategies for public employee and corporate pension funds, endowments, foundations, and Taft-Hartley funds for over 15 years. The firm's nationwide portfolios include office, industrial, multi-family, and retail properties. Information regarding American can be found online at www.americanreal.com.